CAPITAL COST ESTIMATE OF A TYPICAL CONDENSATE REFINERY

The capital cost estimate for A TYPICAL Condensate Refinery as fully

defined in this report has been carried out for 120,000 BPD process train
based on the recommended configuration and also include pre-investment for
the potential expansion of the refinery to eventual capacity of 360,000 BPD as
described hereinbefore.

The cost estimates are of an accuracy of +/- 20% and reflect 2006 prices for
project completion in Iran in south of Iran.

The scope of the estimation include: 1) Process Units 2) Utilities 3) Flare

System 4) Tankage and 5) Import/Export Facilities.

The cost estimate also includes the forward escalation for the project
execution period as detailed in the Project Schedule which is issued as a
separate document.

The cost estimate for the first charge of catalysts and chemicals as well as
spare parts for the first two years of operation of the refinery is included in the
OPEX.

CAPEX SUMMARY - $US million

1. PROCESS UNITS:

A. Condensate Distillation Unit (CDU) 75.6

B. Isomerisation (ISOM) 32.2

C. Naphtha Hydrotreater (NHT) 42

D. Continuous Catalytic Reformer (CCR) 85

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 E. Kerosene Treater Unit (KTU) 1.7

F. Diesel Hydrotreater (DHT) 37

G. Saturated Gas Plant (SGP) 11.5

H. LPG Treater Unit (LTU) 4.9

I. Amine Scrubbers and Regeneration 7.9

J. Sour Water Stripper 6.9

K. Caustic Neutralisation Unit (CNU) 4.2

L. Sulphur Recovery Unit (SRU) 8.9

M. Pressure Swing Absorption Unit (PSA) 2.8

N. Waste water Treatment 6.5

Process Units Total 327.1

2. UTILITIES:

A. Electricals including Power Generation 19.9

B. Sea Water Intake sized for 3 Trains 19.5

C. Desalination Plant 17.8

D. MP Steam 12

E. LP Steam 8.5

F. Cooling Water System 3.2

Utilities Total 80.9

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3. FLARES & TANKAGE:

A. Flares 3.7

B. Tankage 114.7

Flare & Tankage Total 118.4

4. IMPORT & EXPORT FACILLITIES:

A. SBM 32

B. On Shore Pipelines 12

C. Pumping 1.5

D. LPG Terminal 18.5

Import & Export Facilities - Total 64.0

5. LAND ACQUISITION, CIVIL WORKS & BUILDINGS:

A. Land Acquisition 12.6

B Land Related Costs 1.3

C. Civil Works& Buildings 53.5

Land Acquisition, Civil Works

& Buildings Total 67.4

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TOTAL CAPEX 657.8

OPEX SUMMARY IN US$ MILLION PER ANNUM

Personnel 3.2

Natural Gas 2.5

Catalysts & chemicals 1.4

Maintenance 1.5

Insurance 2.1

Shipping costs 15

TOTAL OPEX 25.7